News - National
New jobless claims last week: 502,000
Posted: Nov 12, 2009 7:21 AM by Associated Press
Updated: Nov 12, 2009 7:21 AM
The Labor Department says first-time claims were a seasonally adjusted 502,000, from an upwardly revised 514,000 the previous week. That's the fewest claims since the week ending Jan. 3, and below economists' estimates.
The four-week average, which smooths fluctuations, dropped to 519,750, the lowest in almost a year. Economists closely watch initial claims as a gauge of the pace of layoffs. But claims can also provide a signal about the willingness of companies to hire, because laid-off workers able to find jobs are less likely to request benefits.
The number of people continuing to claim benefits dropped by 139,000 to 5.6 million, also below analysts' estimates.
As Seen On News 5
